Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Financial Statements [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

(19)    PARENT COMPANY FINANCIAL STATEMENTS

Condensed financial information relative to the Parent Company’s balance sheets at December 31, 2011 and 2010 and the related statements of income and cash flows for the years ended December 31, 2011, 2010, and 2009 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company.

BALANCE SHEETS

	AT DECEMBER 31,
	2011		2010
	(Dollars In Thousands)
Assets:
Cash (1)	$	26,391	$	21,994
Investments in subsidiaries(2)		513,561		486,918
Deferred tax asset		4,471		3,663
Deferred stock issuance costs		169		177
TOTAL ASSETS	$	544,592	$	512,752
Liabilities and Stockholders’ Equity:
Dividends payable	$	4,086	$	3,818
Junior subordinated debentures		61,857		61,857
Accrued income taxes		41		—
Derivative instruments		9,489		7,395
Intercompany payable(1)		—		3,153
Other liabilities		62		57
TOTAL LIABILITIES		75,535		76,280
Stockholders’ equity		469,057		436,472
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	544,592	$	512,752

(1) Entire balance eliminates in consolidation.

(2) $511,703 and $485,060 eliminate in consolidation at December 31, 2011 and 2010, respectively.

STATEMENTS OF INCOME

	YEARS ENDED DECEMBER 31,
	2011			2010			2009
	(Dollars In Thousands)
Income:
Dividends received from subsidiaries(1)	$	20,962		$	18,857		$	23,610
Interest income(2)		74			85			222
Income from hedging relationship		—			—			115
TOTAL INCOME		21,036			18,942			23,947
Expenses:
Interest expense		3,820			3,692			3,700
Other expenses		1			1			3
TOTAL EXPENSES		3,821			3,693			3,703
Income before income taxes and equity in undistributed income of subsidiaries		17,215			15,249			20,244
Income tax benefit		(1,409	)		(1,184	)		(786	)
INCOME OF PARENT COMPANY		18,624			16,433			21,030
EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES		26,812			23,807			1,959
NET INCOME	$	45,436		$	40,240		$	22,989

(1) Income of $20,924, $18,819 and $23,557 eliminated in consolidation for the years ended December 31, 2011, 2010, and 2009, respectively.

(2) Entire balance eliminated in consolidation.

STATEMENTS OF CASH FLOWS

	YEARS ENDED DECEMBER 31 ,
	2011			2010			2009
	(Dollars In Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	45,436		$	40,240		$	22,989
ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES:
Amortization		8			7			7
Deferred income tax benefit		(42	)		(110	)		—
Decrease in other assets		—			—			1
Increase (decrease) in other liabilities		(3,106	)		1,480			260
Equity in undistributed income of subsidiaries		(26,812	)		(23,807	)		(1,959	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		15,484			17,810			21,298
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash acquired		—			—			10,416
NET CASH PROVIDED BY INVESTING ACTIVITIES		—			—			10,416
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from stock issued and stock options exercised		4,127			743			307
Issuance of preferred stock and stock warrants		—			—			78,158
Redemption of preferred stock		—			—			(78,158	)
Issuance of shares under direct stock purchase plan		824			—			—
Redemption of warrants		—			—			(2,200	)
Dividends paid
Preferred		—			—			(1,118	)
Common		(16,038	)		(15,237	)		(13,455	)
NET CASH USED IN FINANCING ACTIVITIES		(11,087	)		(14,494	)		(16,466	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,397			3,316			15,248
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR		21,994			18,678			3,430
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$	26,391		$	21,994		$	18,678